The housing slump in Detroit has attracted many potential buyers. They see great potential in the city for many reasons. Detroit is the 11th largest metropolis and the heart of the American automotive industry. New industries have made Detroit their home. Even Hollywood has found a home in the city with many production companies headquartered and shooting films in Michigan. With many new programs, advances, and initiatives Detroit is destined for significant rebirth and growth. This in turn will have a domino effect on Detroit’s economy and property values will again increase.

With many homes being repossessed by lenders, homes in Detroit can be purchased for pennies on the dollar. Solid brick homes in great neighborhoods are readily available on the open market. Because these properties are being sold so inexpensively, the potential for positive cash flow is inevitable. Single family home values will also experience long-term capital growth over the course of the next 5 to 10 years. A prospective investor can recoup his initial investment within the first years of owning a property. Property values are low and investors can afford to purchase a fully refurbished, income producing property without financing. Most investors have a savings account, an investment fund or a retirement account and retrieve funds from their reserve. Property taxes in the city on average work out to roughly 3,500 USD annually. After acquisition costs, fees, property taxes, and property management fees ROI’s can range from 11% to 18%.

While many US banks have tightened the reigns on lending on non-primary residential properties, foreign banks are continuing to lend. According to the BBC, “In 2010, buy-to-let (BTL) lending rebounded, with lenders granting 102,400 new BTL loans, 10% more than in the year before. In 2009 the number of new BTL mortgages had fallen by nearly 60% from 2008.” The Detroit real estate market has just about bottomed out. The time to buy is now. Values will only increase from this point. If an investor has done his research and is purchasing a home in a great neighborhood he will surely benefit from his investment.

Greektown Detroit has been a longtime favorite of many people to hang out and eat good food. The diversity of restaurants here and the neighborhood feel in urban downtown Detroit make it a fun place to go. For starters, Greektown’s location is in downtown Detroit close to things such as the Renaissance Center, the Detroit Riverwalk, Ford Field, Comerica Park, and Campus Martius. This makes it easy to access after attending an event downtown and if you want to get a bite to eat or a drink afterwords.

Next, the food. You have many options when it comes to choosing food in Greektown. Of course you will find Greek food, which is delicious, but you can also find Italian and your good ole American cuisine. You will be sure to find something that suits your tastes and fill your stomach. Fishbone’s, which is known for its seafood, is a popular place that has gotten great reviews for years and although not cheap, it won’t break the bank. One of my favorite bakeries, Milano Bakery, is a great place to get dessert after a good meal. Definitely not a place to go if you’re trying to lose weight though. If you are looking for entertainment, then the Greektown Casino may be the place for you. It has plenty of tables and slot machines if you like to gamble. The new hotel portion of the casino just opened as well so you could very well make the Greektown Hotel your place to stay if you’re visiting the city.